Marcha 23, 2018

Donald Trump eyes massive tariffs on China tech sector

14 Marcha 2018, 06:57 | Crisanna Felipe

ASSOCIATED PRESS President Donald Trump spoke during a luncheon today with Irish Prime Minister Leo Varadkar on Capitol Hill in Washington

ASSOCIATED PRESS           President Donald Trump spoke during a luncheon today with Irish Prime Minister Leo Varadkar on Capitol Hill in Washington

"Notably, China exported only $976 million of steel and $1.8 billion of aluminum products to the United States, or just six per cent of the $46 billion of USA steel and aluminum imports over which Trump is imposing tariffs", Bown writes.

A trade war between the U.S. and China will spell "disaster" for the entire world economy, Chinese Commerce Minister Zhong Shan has warned, after Donald Trump signed orders greenlighting stiff tariffs on imported aluminum and steel.

Moreover, both Alcoa (aluminum) and Stelco (steel) are major players in these two industrial sectors - and they are owned by USA commercial interests.

Mr. Trudeau said his government is working hard to ensure that the exemptions stay in place and took issue with the U.S. President's decision to use the tariffs as a bargaining chip.

Many Republicans hold that imposing tariffs on steel and aluminum are an abuse of this law and are pushing to restrict it.

The U.S. chose to impose a 25 percent tariff on steel and 10 percent tariff on aluminum imports.

And whether Trump ultimately implements his proposed tariffs or eventually backs down, as many suggest he will, those long-standing and essential trading partners will have learned one thing: The United States is now an unreliable, unpredictable and unreasonable trading partner.

This form of processing allows it to be stamped "made in Canada" and could avoid the USA tariff, which is why the federal enforcement officials will need to identify the country of origin of the original steel, said one industry executive who asked that his name not be used because he is not authorized to speak to the media. And the industry added almost 8,000 jobs.

The tariffs will affect a wide range of products, including high-tech gadgets, food, furniture and beverages.

Lots of things are essential to America-and worldwide trade is the best way to make sure we have them. He is scheduled to tour steel mills in Hamilton, Sault Ste.

As for his many critics, why not just wait and see how the situation evolves, instead of jumping at his first words to try and create the most exciting and damaging comment about something that is just getting under way? High tariffs enacted on electronics and clothing, which the USA buys a lot of from China, would sharpen trade frictions and risk economic side effects in the US such as inflation.

President Donald Trump's administration is considering a trade package including indefinite tariffs, investment restrictions and possible visa restrictions on Chinese travelers, a source told CNBC Tuesday. For comparison, the entire US steel industry employed 197,000 at the time.

Sometimes, the best threat is a withdrawn threat.

In some ways, the highly integrated nature of the two economies offers Canada, in particular, a certain amount of protection or cover from US contingency protection practices (e.g., countervailing duties, anti-dumping tariffs and emergency safeguard measures).

But I fear the opposite: a trade war and stagnation-because much of what Trump and his followers say is economically absurd.

Planned retaliation from the European Union over President Trump's metal tariffs would hit a wide range of industries and impact many parts of the country, including NY, according to a draft obtained by the Daily News.

This would not be good news for investors who piled into steel stocks over the past month, hoping to reap windfall profits from an industry sheltering under the protection of Trump-imposed tariffs. And the European Union has had steep tariffs on US imports for years.

While that is not a lot for the economy as a whole, it would be painful for the individual industry.

The list covers $850 million worth of steel products that Trump says he is supporting with his tariffs, with other large targets including more than $500 million worth of bourbon in different sized containers, nearly $200 million in sea-going motorboats and motor yachts, nearly $200 million in "eye makeup preparations" and more than $140 million in "lip make-up preparations". If the U.S.' new trade action ignites a tariff war among them, the amount of global trade will decrease, dealing a blow to Korean exporters overall.

In Asia, a large share of Japanese and Chinese steel goes to countries in the region's southeast, where booming construction and light industries are fueling strong demand for steel. The entire economy has been restructured around the USA market.

That's because far from being broadly dispersed, steel consumers are heavily concentrated in the construction and automotive industries - which have very powerful political lobbies of their own.

The costs to the world economy could grow further if countries impose their own tariffs on US products, raising prices for goods globally and undermining economic confidence.

On Thursday, President Trump signed sweeping new tariffs on steel and aluminum, against the urging of economists, allies and most of the manufacturing, retail and home-building industries.

Trump is right that we've tolerated these abuses under a belief that to challenge them would violate principles of free trade.

"You know when it starts but not how it will turn out" when countries engage in mutual retaliation, WTO Director-General Roberto Azevedo said in remarks to reporters after a meeting with Brazilian President Michel Temer.

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